To make the dough: Adjust oven rack to lowest position and heat oven to 200 degrees. When oven reaches 200 degrees, turn it off. Lightly grease large bowl with cooking spray. Coat each of two 9-inch cake pans with 3 tablespoons oil.

Mix milk, sugar, and remaining 2 tablespoons oil in measuring cup. Mix flour, yeast, and salt in standing mixer fitted with dough hook. Turn machine to low and slowly add milk mixture. After dough comes together, increase speed to medium-low and mix until dough is shiny and smooth, about 5 minutes. Turn dough onto lightly floured counter, gently shape into ball, and place in greased bowl. Cover with plastic wrap and place in warm oven until doubled in size, about 30 minutes.

Transfer dough to lightly floured counter, divide in half, and lightly roll each half into ball. Roll and shape each ball into 9-inch round and press into oiled pan. Cover with plastic wrap and set in warm spot until puffy, about 20 minutes. Meanwhile, heat oven to 400 degrees.

While dough rises, put half the pepperoni in a single layer on a microwave-safe plate lined with 3 paper towels. Cover with 3 more paper towels and microwave on high for 30-45 seconds. Repeat with new paper towels and remaining pepperoni.

Remove plastic wrap from dough. Ladle 2/3 cup sauce on each round, leaving 1/2-inch border around edges. Sprinkle each with 1 1/2 cups cheese and top with pepperoni. Bake until cheese is melted and pepperoni is browning around edges, about 20 minutes. Remove from oven; let pizzas rest in pans for 1 minute. Using spatula, transfer pizzas to cutting board and cut each into 8 wedges.